January 19, 2007
January 19, 2007
LANSING - Governor Jennifer M. Granholm today applauded the announcement by ITC Holdings Corp. of Novi that it is acquiring the transmission assets of Interstate Power and Light Company (IP&L). The acquisition of IP&L, a subsidiary of the Alliant Energy Corporation, is valued at approximately $750 million and will result in up to 100 new jobs in Michigan and Iowa.
"We are proud of ITC's commitment to enhancing electric reliability throughout Michigan and the Midwest," Granholm said. "The 2003 blackout demonstrated just how important it is that we have a safe, reliable, and efficient transmission system to deliver electricity. It is gratifying to see this great Michigan-based company investing in our electric transmission infrastructure to ensure that electricity will be delivered in that way to millions of Michigan citizens as well as customers in other Midwest states."
ITC Holdings has grown from 38 employees to over 230 employees, with another 400 highly skilled contract field staff. Through its operating subsidiaries, ITC Holdings has invested more than $460 million in transmission property, plant and equipment, and maintenance targeted at improving electric reliability, reducing system congestion, and lowering the overall cost of delivered energy in Michigan.
This acquisition will allow ITC Holdings to lend its experience and resources toward rebuilding and strengthening the transmission grid in Iowa, Minnesota and Illinois, create a more competitive energy market for the benefit of customers and help support the growing region's increasing electricity demand.
ITC Holdings Corp. is in the business of investing in electricity transmission infrastructure improvements to improve electric reliability, reduce congestion, and lower the overall cost of delivered energy. Through its operating subsidiaries, ITC Holdings is the only publicly traded company engaged exclusively in the transmission of electricity in the United States. It is also the largest independent electric transmission company and the 8th largest electric transmission company in the country based on transmission load served.
# # #
